Freddie Mac

The new year is starting off strong for Peninsula home sales, as low supply and sustained demand is creating some seller’s market conditions, according to the latest report.

Peninsula area home sales increased 25.7 percent from 350 sales in January 2017 to 440 sales in January 2018, according to the regional Real Estate Information Network Inc. monthly report. That’s despite the number of homes for sale dropping 8 percent compared with January the year before.

Newport News, Hampton and York County saw significant increases in the number of homes sold — at 27 percent, 32.7 percent and 40.5 percent respectively — while the Smithfield and Isle of Wight area had a slight 2.7...

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